0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 1 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

Sharp rise in fraud against older people

Fraud against older people soared last year as criminals looked beyond the UK’s cities and towns for new targets, according to Experian.

City dwellers whose mail is left in communal areas or in mailboxes outside of their property have long been the main target for fraudsters, as they need to intercept the credit or debit card as it is delivered to the victim.

 

However, well-off homeowners living in the countryside, who are often retired or making lengthy commutes, saw a 29.5 percent rise in fraud last year. There was also a 7.5 percent increase in fraud against those living in family homes in the suburbs, whose children are older or have recently moved out.

 

In addition, the over 60s experienced an 11.5 percent rise in fraud in 2018, greater than any other age group, the latest Hunter Fraud statistics show. Those aged from 50-54 (up 4.7 percent) and 55-59 (up six percent) were the only other age groups to record an increase in third party fraud during this time.

 

In response to these trends, Experian said it is developing machine learning technology to “better identify emerging trends and further improve the accuracy of applications” which are flagged to lenders’ fraud teams for closer inspection.

 

Nick Mothershaw, director of identity and fraud solutions at Experian UK&I, said: “Our statistics show that although we are uncovering a new fraud every 15 seconds, fraudsters continue to look for new ways to scam people and businesses.

 

“Criminals are casting their net wider to the countryside, as well as targeting their traditional victims. People need to be ever more vigilant – ensuring they don’t write down or share passwords or account details. They should check their credit file regularly for signs a fraudster is using their identity.

 

“Machine learning has been shown to be a vital tool in identifying fraud. Putting this advanced analytical framework in place means organisations can provide genuine customers, applying or buying new products, a better experience without the friction of being referred, giving fraud teams the time to focus on bogus applications.”

Share on LinkedInShare on TwittereCard
Add New Comment
LoginRegister

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

KPMG administrators appointed to Jamie Oliver’s restaurant group

KPMG administrators appointed to Jamie Oliver’s restaurant group

Tesco Bank to pull out of mortgage market

Tesco Bank to pull out of mortgage market

Equifax moves to new City of London office at Bank

Equifax moves to new City of London office at Bank

Upcoming events

Car Finance Conference

Car Finance Awards

Collections & Vulnerability Summit

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group